Australian crypto hedge fund manager JellyC has merged with Singaporean Trovio Asset Management to attract larger allocations from investors, including pension fund investments.

Merger Details and Future Plans

According to a report, JellyC will hold the majority of shares in the merged entity, as confirmed by company executives. Jon Deane, CEO of Trovio, mentioned that Trovio plans to eventually divest its shareholding in the merged business, although no specific timeline has been provided.

Michael Prendiville, Co-Founder of JellyC, stated that the merger aims to increase the combined assets of both hedge fund managers by up to 150%, reaching $250 million AUD (approximately $166.5 million USD). The focus will be on attracting significant investors in the Asia Pacific region, particularly Australian pension funds.

“If we’re not at capacity, we won’t get the allocation,” said Prendiville.

Potential for Pension Fund Investments in Crypto

Currently, Australia has yet to inject its pension funds into digital assets. However, Prendiville believes this will change over time as Australia moves towards implementing crypto regulations.

In May 2024, a new service was announced that aims to offer crypto investment products for portfolios, targeting a significant portion of Australia’s $2.5 trillion pension system. This move reflects a growing interest in integrating cryptocurrency into traditional investment portfolios.

Global Trends in Pension Fund Crypto Investments

Other countries like Japan and South Korea have already allocated pension funds into crypto-related entities. For instance, South Korea’s National Pension Service, managing nearly $800 billion in assets, acquired 24,500 MicroStrategy shares worth $33.75 million. MicroStrategy is currently the largest corporate holder of Bitcoin, owning over 252,000 BTC in their reserves.

Japan’s Government Pension Investment Fund, the largest pension fund globally, has also shown interest in accommodating Bitcoin and other commodities, including farmlands, forests, and gold.

In July 2024, the State of Michigan Retirement System invested approximately $6.6 million in ARK 21Shares’ ARKB spot Bitcoin exchange-traded fund, indicating a growing trend in pension funds exploring crypto investments.

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